Why do Forex markets open at 5pm ET on Sunday (GMT 9pm) and close at 4pm ET (GMT 8pm)? Is there a reason for this time? Is there some major Forex exchange that specifies when Forex markets open and close? Why these times? Also, does imply that a Forex "day" starts at 5pm ET, like the market opens at 9:30am ET? When does a Forex day begin?
https://www.investopedia.com/ask/answers/how-forex-market-trade-24-hours-day/ Why the Forex Market Is Open 24 Hours a Day
Fx markets don’t really start or end. There are busier sessions during Asian/gmt/est hours, because that’s when most transactions take place.
5pm ET lines up (most times of the year) with quasi-official Far East opening in Wellington, NZ. Also once 5 ET Friday hits (well even before 5 ET most Friday's) 99.9% of forex trading stops. So that creates a 5 x 5 ET to 5 ET weekly complete cycle.
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We need to understand that forex trading does not operate in one particular market but is executed by the traders of different markets around the world. Hence the market is open 24 hours a day and 5 days a week. If we talk about the time , the reason why the market starts from sunday 5pm ET and ends at 4 pm ET friday is because at least one market is open during this span and traders get a few hours of overlap for transiting from one closing market to another opening market.
Forex is a currency market and Currency is always needed around the world for international trade, world wide businesses, by central banks etc etc... because of different time zones you get to trade it all day long The market starts opening from 5am ET on Sunday because the day of forex trading starts with the opening of the Australia followed by Asia, London and then New York.
The majority of markets are open Monday through Friday and closed on Saturday and Sunday,so every trader can trade according to their respective time zone.